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how do you refinance or lower the interest rate on a home that has lost approx. 75000 dollars

I currently have a very high interest rate (approx. 9%) and need to lower it drastically to save the house, but the house has lost a great deal of equity with the housing bust.
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May 03 2011 - Savannah
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What kind of loan do you have?  is it FHA or VA?  Not likely w/that rate, but just curious.  what is the balance of the loan and value of the property?

Mark
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May 04 2011

If your home is worth less than what you owe on it you are probably going to have a very tough time getting a new bank to refinance the property.

Your best bet would be to speak with your current lender or lenders about modifying your mortgage.  Many people have been successful in receiving loan modifications and turning their high adjustable rate into a lower fixed rate.

If you desire to keep your home I would recommend speaking with your lender(s).  Please be aware that it may be more difficult to receive help from your lender if your current on your mortgage payments.  Most lenders tend to focus on individuals that are in default.

Best of luck!

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May 03 2011
 
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how do you refinance or lower the interest rate on a home that has lost approx. 75000 dollars
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Latest answer by markypowell
May 04 2011 | 2 answers
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